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tv   Mornings With Maria Bartiromo  FOX Business  July 23, 2021 6:00am-9:00am EDT

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larry: sorry, mr. president, but no one really believes that $4 trillion more in federal spending will cut the inflation maria: good friday morning, everyone. i'm maria bartiromo, friday jul. on the east coast. the border crisis worsening. texans arresting illegal migrants of crossing border. the fallout coming up. markets this morning pointing to gain at start of training, 150 on the dow industrials, s&p 500
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higher by 20 and nasdaq up 76. this after all 3 major indices finished in the green yesterday. stock to close out the week with gains, nasdaq up 52. strong earnings and guidance showing the delta variant has not affected the recovery yet boosting investor sentiment on wall street. european markets also in the green this morningment one day after the ecb told us the bond-buying continues. ftse 100 up 50 points and cac 56 and dax index higher by 125. in asia overnight, mixed story, japan closed for a holiday, the others as you can see mixed hang seng down 1 and a half percent. mornings with maria is live right now.
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maria: now some of the top stories that we are watching this morning, major test for the white house on china policy next week. deputy secretary state wendy sherman headed to china. she's going there on wednesday, we will see if this visit will be a repeat of secretary of state antony blinken. trying to bring allies together to bring tension to beijing. intel warning that ship shortage can stretch into 2023. ceo pat saying that it could take one or two years for the industry to get back to a reasonable supply and demand balance. the shortage snarled
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autoproduction and caused supply chain issues in number of industries and that's one of the reasons, used sales up in price. state attorney general lynch fish asking justices to allow state law that would ban most abortions after 15 weeks after lower court struck it down. the supreme court to hear the argument this fall. promising new study the two-dose pfizer vaccine 88% effective against covid delta variant. 30.7 effectiveness for those with only one shot. this as the white house says 40% of cases coming from 3 states, florida, texas and missouri. florida accounting for one in five infections right now. markets are higher this morning. check futures. we are looking to extend a 3-day winning streak. dow industrials up 150 half
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percent and s&p 500 up 20 points and the nasdaq up 76. growth in the lead, joining me right now wealth consulting group ceo jimmy lee and joining the conversation all morning law wall street journal assistant editorial page editor james freeman. republican strategist and lead partner john madison is here. thank you so much for being here. jimmy, kicking things off with you, even with the volatility that we have seen the market still near record highs and we are still looking at another week of gains this week, how do you want to allocate capital? >> i don't think there's anywhere else to go besides equity, maria, good morning, good to see you again. i think that the pullbacks are obviously then set up so far for investors to get cash into the market, we are bullish on equities and we think that unless we get the politicians screwing it up with bad tax policy or antibusiness policies,
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the stock market has a lot more room to go and we are, you know, again the interest rates going back down allowing big-tech stocks to set new highs again or close to new highs and we expect that but we would be careful about the trade as interest rates go up later on in the year. maria: yeah. jimmy, that's one headway, higher interest rates, we may very well begin the conversation in terms of federal reserve next week, certainly jackson whole which is happening in august. unless the politicians screw it up with higher taxes, guess what, that's what they're doing. president biden wants to jam through a higher tax package through reconciliation, how much of a headwind is this? if you see policy playing in that way, do you want to sell stocks? >> well, i do believe it's a big risk but i think cooler heads will win, i hope, and we don't get anything that's too negative
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for the economy and for americans and for investors and so we are hoping that, you know, we will get higher taxers, of course, but not and maybe some of the discussions that we have heard from the white house, you know, how bad it could be or going after the wealthy and business owners and so forth. i don't think that higher taxes will necessarily hurt the large companies out there but we really don't want to hurt the small business owners and that employ a lot of americans. we need to get the jobs filled and the supply shortage that is we have had, i think we are actually -- the delta variant is actually helping a little bit meaning if the economy was open 100%, the inflation issues would have been a lot worse. maria: that's a fair point. the fed continues to say inflation is temporary. alphabet, amazon, facebook,
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apple all reporting in the week ahead. what are you expecting from this next crop of earnings within tech after many of these stocks hit record highs just in the last couple of weeks? >> maria, i expect earnings from those companies to be fantastic. i know that we are early in the season, but almost 90% of companies have beat earnings so far, over 80% on the topline beating revenues forecast and i don't think that's going to be any different for those names that you just mentioned and i think we are set up to see new highs potentially in some of those companies and so i'm expecting good numbers. i know the fear on the second half of the year that that could change and i think again we are set up for an economic boom. i think the biggest risk to that are the politicians. maria: yeah, for sure. and that's what we are seeing in washington right now. let me bring in our panel. james freeman, your thoughts? you have been talking and
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writing about a strong economy for some time now. we are looking at peak growth likely because things will slow down next year, expected anyway right in the face of perhaps new policy that will impact the economy having to do with higher taxes. james: yeah, i think the hope that as far as avoiding some of those taxes is that the inflation or the possibly slowing growth scares some moderate democrat senators to pull back from the full 3 and a half or 5 trillion $plan depending on how you do the math but i'm wondering, jimmy, you mentioned how you have to be in equities right now and kind of makes sense in the crazy world we are in where so many bonds delivering negative real returns and investors paying borrowers for the pleasure of taking on
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credit risk. this obviously is going the change as you say when rates go up. but for now, when you talk to investors, do you throw out the traditional asset allocation formulas and ought to be completely in stocks and how do you look at it for someone who wants to put a long-term plan right now? >> i think the fixed income still has its place but i'm certainly a fan of maybe moving it up a notch on a risk profile for many investors, not just for now but long-term. i think interest rates probably stay low for the time being but you're talking about longer term and for longer-term money, i think that you have to be more allocated toward stocks and maybe historically. rates are going to go up and, you know, let's face it we have inflation today. even if the numbers don't show -- the numbers do show it but even if the numbers still look like they maybe tamed, i think
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that inflation, having inflation is is very important and the best place you get that is in equities, so i don't think bonds are done, it has a place in portfolio, but, you know, i would also be very careful in how you construct your bond portfolios and they can present risks to investors who think they're very safe. maria: yeah. well, it's interesting to look at bond yields where they are even if it's federal reserve signals higher rates are coming. we see rock-bottom numbers certainly at the ten-year right now. jimmy lee joining us on investing. morning mover is snap. take a look at the stock. parent company of snapshot soaring ahead of the open. snap reporting second quarter sales more than doubled than a year earlier. current revenue rising as much as 60%. 293 million coming above wall
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street expectations, moving in a big way on snap. we are getting started this morning, coming up, making history on capitol hill. new hampshire candidate caroline running at 23 year's old. she will join us this morning and then at 7:00 a.m., the youngest lawmaker currently serving north carolina congressman madison cawthorn is here. we are awaiting and watching the market volatility as stocks look to extend the week's rally so founder and portfolio manager dan niles has had winner, we will talk about where to allocate capital with dan. don't miss a moment of i have. mornings with maria coming right back. ♪ ♪ ♪
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quote today.
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maria: welcome back, crisis at the border. u.s. border agents apprehending nearly 200 migrants at the arizona-mexico border, over half of those were children and then in texas illegal immigrants now being arrested on trespassing charges. 32% of detainees are refusing to get the covid-19 test. we were talking about covid cases up 900% at the southern border. what is it going to take for this administration to take this more seriously? >> i don't know and we all saw the pictures yesterday of the border patrol basically opening the gates and these people walking across and being ushered into vans, none of them wearing masks. they get medically screening but they interact with border patrols and agents. it is unseeingly, the border
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patrol is unseeingly but when we are in middle of resurgent case of the variant to not have that contrast is just unbelievable and the biden administration doesn't care about at all. maria: not at all. they don't refer to it as the crisis, they don't comment about the fact that 188,000 people were apprehended at the border in june on top of 170 plus thousand in the month of may. i mean, we are talking about a million people apprehended and that's not even including the got aways, tom, you know tens of thousands of others have come into the country, we have seen them on surveillance cameras. we don't know their intentions and they got away and then we question why crime is spiking and murders are up. we don't know who is in the country and what their intentions are, but there's no -- >> we also know that they're not
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reporting for their -- their hearings, right, that a large percentage of folks who are supposed to report for immigration hearings just disappear to the country and -- and they become part of the fabric of the country and become part of tens of millions. we don't even don't have a good count how many people in the country. clearly the system is broken. it's been a huge problem starting with this administration and, again, there hasn't seem to be any solution on the horizon, no urgency on the matter from the biden administration. maria: let me switch gears and ask you about the conflicts of interest that are raging as well. the white house grilled on hunter biden's upcoming art sale, tom, and whether it breathes a culture of corruption. press secretary jen psaki tried to defend hunter biden yesterday despite the ethics concerns, watch. >> he's not going to have any conversations related to the selling of art. that will be left to the
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gallarist, a system that allows hunter biden to work in his profession. we won't know who the buyers are. hunter biden won't know who the buyers are so there's no scenario where they could provide influence. the gallerists will reject any offers. maria: how dumb do they think we are. we heard that hunter biden will be mingling be potential buyers. now they are saying we don't know who the buyers are. there's smog to stop a chinese company tied to xi jinping to the military, i'm buying your art for half a million dollars, so put -- put my -- the company that i want off of the blacklist or -- or any other policy that they want, same thing with anybody else trying to buy influence across the world. your thoughts. >> this is a sham.
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everybody knows it even obama's ethics officials say this is totally unacceptable and not to any sort of standard and the white house said, we have come up with this deal where hunter won't know who it is but now we know he will meet with potential buyers and talk about them although he won't talk about purchasing of the art which doesn't pass the smell test. i will disagree with you that jen psaki was grilled in the white house. she was asked one question and she gave ridiculous answer and they moved on. if it was trump's kids, it would be nonstop of barrage stories and questions day in and day out and just goes to show this administration is getting treatedly by the press while there's some scrutiny of hunter biden's art career, it certainly -- it isn't reaching the sort of frenzy level that we have seen in the past. maria: you're actually right and thank you for the question. that is absolutely spot on.
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jonathan madison, jump in here. the press obviously is in joe biden's corner and this administration's corner so anything goes and -- and this hunter biden story is just getting worse and worse. >> well, i mean, it's plummeting, i don't know how dumb they think we are in the real world. it's a travesty what's going on here. our eyes are open. our eyes are open and we clearly see what's going on and it's obvious that hunter biden has already known to some extent who the potential buyers are so i'm not buying it, maria. [laughter] maria: yeah, of course. all right, tom, great to talk to you this morning. thank you very much for weighing in on all of that. we will see you soon and read you in real clear politics, tom bevin, america's crime wave continues, another shooting in washington, d.c. last night and shows how the nationwide crisis is worsening one year after some
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cities pushed to defund the police and then a bear invasion, check this out. terrifying video shows one man's gigantic four-legged passenger. it's making a buzz this morning. we have the story when we come right back. ♪ ♪ ♪ a fundamental human need to connect with other like-minded people. welcome back to the world. viking. exploring the world in comfort... once again. tailor made or one size fits all? made to order or ready to go? with a hybrid, you don't have to choose. that's why insurers are going hybrid with ibm. with watson on a hybrid cloud they can use ai to help predict
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maria: welcome back, america's crime crisis is continuing, another shooting outside popular restaurant in washington, d.c. yesterday. diners ducking for cover when two men were shot on a street in the logan circle area. this follows several shootings in dc recently including drive-by shooting that left a 6-year-old dead along with shooting outside of nationals ballpark. james freeman, the dc mayor, telling police to use any
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overtime necessary after all of the shootings, just a year ago the department was defunded. james: yeah, we have seen this tragic result in so many places around the country. you saw the war on policing last year leading to so many deaths, so much rise in violence. now it is a different message. mayor telling wtop radio in washington that we need police presence and we need police to be backed up by the criminal justice system. so too late for some victims as we see that crime remains elevated in dc and lots of other places but some politicians are starting to realize how catastrophic their policies were and i think it's going to be interesting to see the political reaction here. mayoral election next year in dc, we have democrats in new york city this year choosing
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essentially the pro-policing candidate in their primary and we have this recall election in california, gavin newsom looking like he's facing a tighter race and he has been at the forefront of lower sentences, no cash bill, all the reforms that have -- have contributed to this rise in violence. maria: yeah, and the violence is pronounced across the country, jonathan, how did they think this was going to end? remember the conversations, let's reimagine the police, defund the police, we need to reimagine, that was the buzz word back then, how did they think this would end? jonathan: i have no idea how they thought this would end but i tell you, maria, you can only ignore crime so long until it shows up at your front door and now it showed up on the front door of the president, right outside of the white house. right now you're in a different
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situation. the left has campaigned for the last year or so about defunding police department, dc mayor proposed a budget which increased funding virtually for every major area with the exception of the police department, so what can you expect, a rise in crime, spiraling crime across the country. we are seeing it in places, even my hometown of san francisco. no surprises. maria: yeah, really, really upsetting to see this take place across the country. let's slip in a short break and then we will zero in on beijing's cover-up, the communist government continuing to stonewall the covid-19 investigation. we will check out the fallout when we come right back. stay with us. ♪ ♪ ♪ [relaxed summer themed music playing]
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♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ summer is a state of mind, you can visit anytime. savor your summer with lincoln.
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he looked after his community. she built an empire. fought for his people. protected this nation. they are the heroes in my family. who are the heroes in yours? maria: welcome back, good friday morning, everybody. thank you very much for joining us. i'm maria bartiromo, and it is friday july 23rd, take a look at market this is half an hour, a rally is underway in the triple
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digits. dow up 158 points and s&p up 20 and nasdaq audiotape 73 right now after three major indices finished higher yesterday. the market on track to close the week with gains as well. dow industrials up 25 and nasdaq up 52 and the s&p yesterday up 8 and 3 quarters at 4:00 o'clock on wall street. strong earnings and guidance as well from management team showing delta variant has not affected the recovery so far. that boosted sentiment. european markets in the green this morning. take a look at europe where the indices are higher across the board, ftse 100 up 57, the cac quarante up 60 and dax index higher by 135. overnight in asia, more of a mixed story. japan is still closed for a-day and the hang seng in hong kong lower by 1 and a half percent. meanwhile the chinese communist party reportedly looking to look, quote, unprecedented penalties against didi. cheryl casone with the details. the story is not ending. continues to worsen in terms of
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the performance and treatment of didi. cheryl: especially by the chinese government. this comes after the ride-sharing company launched ipo in the united states last month, the move by them, according to reports the ccp could forcibly introduced state-owned inhavestors to the board and another didi delist or withdraw 4.4 billion in shares it listed on the new york stock exchange and china has been going after didi this year, investigating company over alleged privacy concern. let's take a look at the stock, a lot of controversy. stock is down 9 and a quarter percent right now. a lot of pressure. big story to watch. well, websites for airlines, financial companies, numerous other businesses went down yesterday and the company blaming the brief outage on software update that triggered a bug after world's largest content delivery network.
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the demand for air travel increases, so does hiring, you were talking about earnings, maria. americans are coming out with earnings, they need more pilots, they want to hire 13 new pilots by the end of 202. the number up with the 900 initial hires the airline was planning. multiple airlines including american have had to cancel flights due to lack of staffing and we have learned, american up almost half percent in premarket. and finally, maria, the tampa bay quarterback tom brady adding lucky number 7 to super bowl ring collection. getting 55 super bowl championship teams and has 319 diamonds to commemorate the bucks 31-9 win over the kansas
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city chiefs. those are your headlines, maria, back to you. maria: yeah, wow, quite a ring, cheryl. thank you so much, all right the world health organization proposing a second phase in their investigation into the origin of covid-19. china is not playing ball at all. the country rejecting the plan and the white house says it's disappointed. watch. >> we are deeply disappoint. their position is irresponsible and frankly dangerous. alongside other member states around the world, we continue to call for china to provide the needed access to data and samples and this is critical so we can understand to prevent the next pandemic. maria: joining me right now the hudson institute senior fellow rebecca heinrich, rebecca good to see you, thank you very much for being here. what do you think the ccp is hiding? >> well, first of all, jen psaki there, the press secretary for the white house sounds a lot like a trump official. a lot of what she said was
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something that the trump officials said and they got mocked and ridiculed and accused of supporting a conspiracy theory that china was behind the coronavirus pandemic and now i'm glad that the biden administration is taking it seriously at least in word, but the chinese government, the ccp is marked by secrecy, so we should not expect the chinese government to reveal the kind of data and information that we are looking for. furthermore we already know even without an investigation we know that the behavior of the ccp led to an increase number of deaths. there's already been a study in 2020 that showed that if they had taken different actions that there would have been hundreds of thousands of fewer deaths than what we saw. maria: rebecca, let's face it. we really don't know what the white house is taking this seriously and we really don't know that the white house is pushing back on all of the bad behavior out of china. i know there's a wall street journal story today that says
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that the biden administration is taking a page out of the trump playbook but there's nothing to really indicate that at all. all of the policy that we have seen so far does not have teeth as it relates to china so far. i'm still waiting for some serious pushback on the fact that the ccp marched into hong kong through freedom fighters in jail, national security law, still waiting for reaction from all of the stealing, the theft of intellectual property and still waiting for reaction, of course, for the covid-19 behavior. when are we going to see real action. we have important meeting next week and major test for the white house. deputy secretary wendy sherman is traveling to china. what would be a victory, would this be a repeat of anthony blinken disastrous meeting when chinese officials schooled him in alaska? >> well, i'm not holding my breath and viewers should remember that wendy sherman, the
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biden official who is going to go over there is the lead negotiator of the obama administration's iran deal which, of course, was a disaster. so i don't have confidence in -- in wendy sherman's negotiating ability and, of course, the ccp has been blocking wendy's visit and has insultingly tried to put lower-level chinese officials to be the ones meeting with her so this has already not gone well so far. we should remember too, this isn't all of the things that you just mentioned right now that the ccp has done, they are also advancing militarily and, again, they are marked by secrecy. they are revealed that the communist party are building more than a hundred more intercontinental ballistic missile and they are growing as power and threatening provocative actions that would threaten the united states moving in indo-pacific.
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so none of it is good news and like you, i'm worried that so far this administration is all hat no cattle with pushing back on the ccp. maria: yeah, that is absolutely right and now you've got china pushing back on second phase of this study and investigation into the origins of covid-19. they won't allow the world health organization to do its job, it's also making news that xi jinping visiting tabet, affirming control, we saw the fight in india over the himalayan mountains in 2020. ccp used covid-19 disaster to invade even there to gain more -- more control, what about this -- this visit to tabet? >> yeah, i mean one point that's important for people to understand too is the chinese
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communist party is inhumane obviously, their mistreatment of the people within their own country and companies that want to do business want to continue to get rich off of chinese cash and understand there should be a reputational cost because of the way the ccp treats those within their borders, of course, the genocide that's going on there, you mentioned tabet as well, and the other thing too, maria, the american people have to have confidence in the biden administration's willingness and seriousness of getting into the bottom of the coronavirus pandemic origins and the behavior of the ccp and one of the key ways to do is they have to open anthony fauci to investigation and serious questioning about the kind of research the united states is engaged in. the gain of research makes pathogens more transmissible to study them. we have to stop funding them. we certainly have to stop funding any kind of work related to it with authoritarian
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countries that have disregard for human life. these are things that the american people should demand of the biden administration. maria: yeah, you're absolutely right. rebecca, great to talk to you, thanks very much, we will keep watching it and keep a spotlight on the story. rebeccah heinrichs from the hudson institute. making history karoline leavitt, she's with us. the video that will have you your second guessing through your drive through the woods. watch this. who is coming out of the car? you're watching mornings with maria live on fox business. ♪ ♪ ♪ next week on mornings with maria, monday the white house warning of yet another surge at the u.s.-mexico border. congressman mike johnson demanding answers. tuesday, china's communist government threatens to attack japan, general jack keane on the
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consequences. wednesday, big tech being sued by over half the country's attorneys general. indiana's todd lays out the case. how safe are you from covid-19 delta variant? dr. mark segel has the answers that you need. all right here on mornings with maria.
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maria: welcome back, making history. 23-year-old former congressional and white house staffer karoline leavitt announcing white house run in new hampshire to take on chris in general election. karoline joining us right now, congratulations on the run, how would you take on papas? >> that's what i would bring if i were elected to serve my home state of new hampshire. i would argue we value our freedoms and our liberties more than any state in the union. i grew up in a small business family that took advantage of the freedom of opportunity that new hampshire provides.
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lower taxes and less regulation to allow small business owners, independent contractors and entrepreneurs across our state to thrive. representative chris has been voting in lockstep with nancy pelosi and we have seen disastrous effects of the agenda and spending, uncontrolled spending that my generation is going to be paid having to pay for and foot that bill. that's why i'm standing up to fight. i served president trump america first agenda and it was there when i discussed and decided to throw my hat in the ring, step into the arena and stand up for our granite state values. maria: well, do you feel that this is resonating? how do you see the voting bloc there? do you think you will resonate with potential younger voters? >> oh, absolutely. i will tell you. i've been crisscrossing the state since i've been home and the energy for conservative change in new hampshire is absolutely real.
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we have a federal delegation that's made up of democrats and thank goodness we do have a republican governor and republican legislature in our state that is holding the line but we need to send a conservative fighter to washington, d.c. like i said stand up for free or die values and we have over a hundred thousand small businesses in the state. they are hurting right now. there's labor shortages, again, uncontrolled spending is what my generation is going to have to foot the bill for and radical in disguise democrat chris is voting for and we need to go to washington, d.c. to combat that, to serve as a firewall between the disastrous policies we are seeing in washington and our live free or die values in new hampshire. the people in new hampshire -- maria: yeah, the karoline, republicans is trying to do that now. they are in the minority. they are pushing uphill because they keep getting rolled over. look at the spending
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negotiations going on right now where president biden is trying to push through 3 and a half trillion dollar spending and much higher taxes through reconciliation. >> that is exactly right, maria. and that's why 2022 is going to be a tremendous year for republicans because everything that we've said in the white house under president trump, kayleigh mcenany in the press conference and not to vote for joe biden is coming true. we have economic crisis, open border crisis, energy crisis, we have seen president biden and nancy pelosi and any representative waging the war on america's energy independence, china is laughing their way to the bank and americans are paying more at the pump and that's why conservatives across the country are standing up to fight and i truly believe that we will be able to change the minds of democrats especially my generation who have been brainwashed by the media, by the left, by big tech and hollywood.
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we are seeing the radical repercussions, people are paying more in their own wallets and that's the messaging tool that we can have and why we can win the majority in 2022, send warriors to congress that can fight and continue to fight trump's agenda. maria: well, you are making all of the right arguments, we will be watching your run in new hampshire, thanks very much for being here this morning. karoline leavitt joining us. >> thank you for having me, maria. go to karolinelavtitt, that's with a k. we need to win the seat and i'm fired up to do it and i will encourage all of your viewers to join me in that fight, thank you. maria: all right. karoilne, we will be watching. coming up a bear invasion, truly, this terrifying video shows a man's gigantic
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four-legged passenger, it is making a buzz this morning, we are telling you about it when we come right back, stay with us. ♪ ♪ ♪ ♪all by yourself.♪ you look a little lost. i can't find my hotel.
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maria: welcome back up, first time a bear broker-in, a tiktok video captured a moment a man left bear out of his car. he apparently let himself in after the man left his car unlocked during a camping trip with his friends.
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oh, my goodness. james, what would you have done in this situation? james: i don't think i would have done that. cudos in the guy in the tye-dye. i'm looking to wait to avoid the bear. maria: totally. you bumped into a bear, that's what you just said? james: yeah, in my neighborhood. i was trying to playing cool and walking, but then it started coming after me faster and i took off down the street. i'm still here, so i think -- maria: wow. oh, my goodness. oldest nurse, i don't like to
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sit around, i've always got something to do. jonathan, a beautiful story. jonathan: absolutely beautiful. she set the new standard for what it means to be a nurse in america. i mean, she wears a fitbit, walks 3 miles a day even through the halls of the facilities. i mean, if you don't call that impressive, i don't know what she can call. a whole new standard. it actually said she tried to retire at the age of 65, couldn't do it. had to come back for a few decades so awesome, awesome story. maria: i love it. quick break, youngest member of congress is here, republican lawmaker is here madison cawthorn on nancy pelosi's recent ultimatum. no infrastructure if no 3 and a half trillion. all start right here next hour. mornings with maria live on fox
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maria: welcome back. good friday morning, everybody. thanks so much for joining us, i'm maria bartiromo. it is friday, july 23rd. your top stories right now, 6:0. a harrowing crime scene. two people were shot outside a popular restaurant in washington, d.c., sending people running and hiding at the sound of gunshots. suspects are on the run this morning. we are taking a look at a rally extended, dow industrials up 166, s&p 500 up 21, nasdaq higher by 73. all three major indices up, extending yesterday's big rally. the market is on track to close
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out the week higher. the delta variant has not affected market recovery or economic recoveries either. yesterday, the dow was i'll 25, nasdaq up 52, s&p 500 higher by 8 and three quarters. check european markets this morning, also with a firmer tone this morning, as you'll see, ft 100 in london up 61, cac in paris up 67, and the dax index higher by 148. in asia overnight more of a mixed story, japan is closed for a holiday. the hang seng down 1 and-a-half percent. "mornings with maria" is live right now. now some of the top stories that we are watching this morning. border patrol busting nearly 200 illegal immigrants this week in arizona. 147 of them were children. many were unaccompanied minors from guatemala. the cbp says they discovered the group near san miguel, as texas
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takes matters into his own hands, governor greg abbott ordering state troopers to arrest and jail migrants for trespassing when they cross. the first three were reportedly sent to a state prison. a third of all illegal migrants have refused the covid vaccine. as of wednesday, total cases reported at the border were over 1300. white house press secretary jen psaki meanwhile questioned by reporters on the sale of hunter biden's art work yesterday after the gallery said that hunter would be meeting in person with potential buyers. watch this. >> he's not going to have any conversations related to the selling of art. we believe this is a reasonable system that has been established that allows for hunter biden to work in his profession within a appropriate safeguards. maria: so the gallery says he's going to be meeting potential buyers but jen psaki says they won't have any conversations.
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okay. hunter biden is reportedly expected to attend two private events where he will mingle with prospective buyers, contradicting the white house's claim take the buyers are anonymous. sales of his art work have been heavily criticized because it opens the door to the possibility of people purchasing the art to gain influence with the president. intel is warning that the global chip shortage could stretch into 2023. ceo pat gelziger said it could take one or two years for the industry to get into a reasonable supply and demand shortage. heres what roger silicon valley acquisition ceo and chairman tj rogers 208d me earlier this -- told me earlier this week. >> the automotive companies, the way they bought chips, they don't carry stock. they carry an attitude. the attitude is you'll give me inventory when i want. that didn't work out for them except for one car maker, toyota.
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they saw the chip making pro he's was -- process was over a occur tear and any demand spike couldn't be met, period. it's not anybody's fault, republican, democrat. all the junk you've been listening to is irrelevant. the car makers did it to themselves. maria: the shortage caused supply chain issues for a number of industries. take a look at intel this morning, down 2 and-a-half percent on that extended supply imbalance. time for the word on wall street, top investors watching your money. joining me is the host of the watchdog on wall street radio show and president of markowsk investments, chris markowski, joanie feeney and mike murphy. great to -- great to see everybody this morning. joanne, futures are pointing higher this morning, markets looking to extend the three day winning streak after a sharp selloff on monday. joanne, your take on the volatility? do you expect labor day to boost
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reopenings and would that be a market driver? >> yeah, good morning, maria. yeah, i mean, clearly we have seen one of the reopenings. that caused a surge in stocks earlier in the year. when the covid delta variant started to surge in india, the reopening trend really fell off. that started in march and it's really continued. only in recent days has that turned around. it is a market of very different activity. we've had secular growth continuing. we now see the reopening trade once again starting to turn positive but we do think that after labor day when kids are back in school, the unemployment benefits run out, we think the return of workers to the workforce and that should give a further boost to confidence that the economic recovery will continue. and we think that investors ought to be well positioned here both in the reopening trades and also in secular growth, plus some defensives, because don't forget about inflation. we stopped talking about it a little bit but it's still a risk that's out there and you want some things in the portfolio to make sure to -- that we benefit
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as inflation industries do turn higher once again. maria: i mean, chris, the wall street journal says that u.s. companies are testing raising prices you amid this growing inflation. companies quickly being forced to decide whether they believe inflation is transitory or persistent and deciding to be cautious about raising prices or expecting it to be a given. your thoughts on where we are in terms of inflation and its economic on economic growth. >> this morning actually unilever announced they have to do the same thing and they'll be raising their prices. a myriad of food companies announced this was going to happen. i didn't know this was a thing, packaged architecture, how you to package or yows so you can -- oreos so you can make more with less. that's basically the narrative. we see it all the time as you go out and about. you you go to a restaurant, a greek salad that used to be this big is now this big. we're hitting inflation everywhere. people think it's transitory. i don't buy that at all.
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okay. define what the word transitory means. you have intel this morning coming out and announcing, saying, you know what, there's going to be supply chain problems until 2023. so is two years transitory? five years transitory? what is it. maria: this is a really important point that you're making because the federal reserve keeps saying, well, once the supply chain issues go away in the fall we won't have this problem but, right, intel this morning is saying that the supply/demand imbalance goes into 2023. are you hearing much about that from companies, mike, in terms of the earnings season. big tech takes center stage next week, we have many heavy weights, amazon, facebook, apple, all reporting earnings next week. what are you expecting from the big trope of earnings. today -- you're seeing strength in the tech sector. >> once again, good morning, maria. once again, you're seeing the strength in tech and that story,
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people try to paint different narratives. but that story's been there and it continues to be there. look at apple. although there's a global chip shortage, yes, apple's delivering phones. look at nvidia, a company that's up 50% year-to-date so. i think when you step back, maria, going into this earnings season you have apple at 2 and-a-half trillion dollar micro cap, microsoft over $2 trillion. you have amazon right behind them, about to cross $2 trillion. it's a story of the haves and have-notes. big tech is working. big tech continues to innovate. big tech continues to put up higher earnings and, therefore, big tech continues to see their stock prices moving higher. but if you step back one more step, maria, s&p's up 16% year-to-date, apple's up 10%, amazon's up 11%. so you still have a lot of room for these guys to catch up. so as we've been saying, stay long big tech. earnings season is going to be
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very strong. twitter and snapchat were just kind of a look into what big tech can do and stay long these names because they continue to innovate, they're a great place to invest. maria: mike, what about value? i mean, look, we've been talking about this debate between value and growth. louie nadler earlier in the week say the correction we saw monday was all about value. where do you see value in this market, mike? you're basically looking at both value but more so growth. >> so it's really -- i want to be in the places where my money's going to be treated best and that's big tech. aside from the private markets which is where we spend the most of our time, where we're seeing a ton of value, i think the mistake people are making is rotating out of these winners and looking for quote, unquote value. what you could also call underperforming stocks. so i think the big miss a take is rotating to -- mistake is rotating to energy oro tating to materials or rotating
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somewhere because big tech can't go any higher. guess what. it has, it can and it will continue to. don't fall into that trap. stay with what's working. maria: even as we are in peak growth right now, joanne, real quick from you, you're still bullish on the economic macro story but most people think this is the peak of the numbers that we're going to see growth slow down second half of the year and into 2022. that was one of the reasons that the market sold off earlier this week. did you not see any changes to your expectations on growth? >> oh, no, maria, that's absolutely right. we're experiencing probably for the second quarter 69% earnings growth in the s&p 500. we're never going to see that again. so clearly we had this quarter of year over year recovery. growth is definitely going to be lower here going forward. the economic recovery continues but definitely at a slower pace. but that doesn't mean that you don't want to take advantage of the increase in earnings that is
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coming even as we go through this quarter, next quarter and next year. maria: all right. chris, joanne feeney and mike murphy, great to see you all this morning. thanks very much. have a great weekend. thanks for the word on wall street. much more ahead this morning. coming up, out-of-control spending on capitol hill, north carolina congressman madison cawthorn is here on house speaker nancy pelosi's threat to defund the infrastructure bill. dan niles is with us weighing in on tech as we gear up for a busy earnings season next week and then employing our heroes, i'll be speaking with one navy seal who is putting veterans to work with his bottle opener company. don't miss it. joining the conversation all morning long this morning, james freeman and jonathan madison. we're going to get back to this fantastic panel when we come right back. you're watching "mornings with maria" live on fox business. ♪ good day sunshine. ♪ good day sunshine.
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maria: welcome back. house speaker nancy pelosi is threatening again on spending. watch this. >> it is important for us to again have them pass the bipartisan infrastructure bill while we are eager for it to pass, we will not be taking it up until the senate passes the reconciliation bill. maria: joining me right now to discuss it is north carolina congressman, education and labor committee member, veterans affairs committee member, madison cawthorn. congressman, it's good to see you this morning. thank you very mitch for being here. so initially president biden pretty much said the same, i'm not going to sign an infrastructure deal even though
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we've agreed on it in principle, unless i have a side-by-side bill that includes higher taxes and out-of-this world spending. but then he walked it back. now obviously it's back on the table, according to the speaker. your thoughts? >> well, my thoughts right here is that, one, she knows she has the narrowest majority really in modern american history and she knows what that if she's going to try and get this infrastructure bill passed she is going to have to tie it to the very, very sensitive $3.5 trillion reconciliation bill that has most of these radical left wing policies so that she can get more of her radical members on board with the bipartisan infrastructure bill, which is very sad when she has to do this. because the problem is, this is now taking the one thing that we all mostly agree on which is that that the government has a role to play in building more infrastructure and making it more and more politicized. maria: yeah. i mean, it's just incredible, i think, that she's continuing to pretty much shake down the
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congress, saying if you don't do this, we're not doing that. james freeman, this three and-a-half trillion dollars spending bill is all about the green economy and, you know, rolling over for the extreme left. your thoughts on this conversation? james: yeah. big expansion in entitlement programs, obviously big tax increases. congressman, i'm wondering, you're talking about the pelosi strategy of pairing these bills in order to bring the radical members of her party along on the infrastructure bill. but what about the other issue? do you see any moderate democrats who might say no to the big tax and spending blowout, the three and-a-half trillion or 5 trillion depending on how you look at it? we see democrats, some of them in the midwest, not wanting to call themselves democrats in their advertising for next year. is it possible there's enough of a group there to say, no, that's
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too big, let's scale it back? >> well, i'll tell you, unfortunately i do not believe that's the case. we have representatives who say unless you pass the green new deal strategy we're not going to be on board. the moderate democrats that you're talking about, they they are cowards. they bend the knee to nancy pelosi every time because she says if you don't do this, i won't fund raise for you. they're scared they'll lose their actual elections. it's become very clear that the democrat policies and strategies are contrary to common sense. therefore, they have to outspend us by a lot to be able to convince people of their lies. maria: yeah. congressman, yesterday you introduced the no fly for illegals act, this bill would ban the use of federal funds to compensate airlines that fly illegal immigrants across the country. tell us about the bill and whether or not you see this passing.
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>> well, maria, i'm not sure if i'm going to see it passing in this actual congress right now but really this is a bill just to show the hypocrisy of the left. the fact that we're going more and more, $29 trillion in debt, the fact that we have openly porous border and the fact that americans are directly having to pay for these people coming into the country, it's not the fact they'll put more wear and tear on the infrastructure, they'll be able to cap capitalize on free education and healthcare in the future. this is as soon as they cross the border, as soon as they are pros peeved from the border welcoming committee, which is the border patrol is turned into it, they're then put onto delta or american airlines, any airlines operating in the southwest and then flown at taxpayer expense. maria, the real impetus to actually get this bill done is when i was down at the border with president trump p recently we were looking at just how bad everything was and my staff was looking to get me back to
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washington, d.c. very quickly and we were having a hard time finding a flight. they were all full. when i did finally get onto an airplane, i got on, i said there's like 50 seats left on the plane, i can't believe we had such a hard time getting a a flight back to washington but then lo and behold another group of passengers came on-board who had big yellow envelopes that had a giant city's name written on it, whether it was boston, new york, los angeles, and then these people got on. one of them sat beside me, a little girl who i thought was kind and her mother but i started talking to them and it turns out they recently i'm greated to our country a-- immigrated across the border into our country and i don't think it was legally. maria: you basically witnessed this firsthand, you were on the flight with all these illegals. so taxpayers are paying for them to go to their city of choice. unbelievable. let's remember, once they they get apprehended, they're legal until they see a judge.
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and they know that. that's why you've got a million people coming here year-to-date. congressman, we just a little while ago spoke with 23-year-old caroline levitt. she is running for office in new hampshire. you are the youngest member of congress seem wants to come in -- congress. she wants to come in at 25. let me ask you your thoughts. what advice might you have for 23-year-old caroline levitt. >> one, i met her recently when she was working in an office on capitol hill. i will tell you, i'm very happy she is running for office. i need reinforcements here in washington, d.c. i'll tell you right now, the big problem is a lot of the establishment gops around the country, when you go into the primary debarrettes, the people in the -- be bates, the people in the gop, they'll say i love you passion, your zeal, your values, unfortunately you haven't paid your dues yet, you haven't waited in line yet so we
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need you to just -- to stick around for a little while, maybe when you're older you can do it. to caroline levitt, to other that are running in congress that are young, i encouraging to look around the room and say who the hell am i in line behind. whoever came before me left me $29 trillion in debt, we've been in endless wars for my entire lifetime in the middle east and unfortunately we are spending american -- shedding american blood overseas at a rate that's unacceptable. it's time we do something different and send non-cookie cutter politicians to washington, d.c. if you want someone in pleated pants that will bend the need to the radical left, then go ahead and vote for the person you've been voting for for the last 40 years. if you want to make a change, send some fighters to congress. maria: all right. we'll be watching. thank you very much. madison cawthorn joining us this morning in d.c.
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coming up, the nfl's strict new rules. what you need to know. and the return of a music icon, whitney houston's return to the stage make a buzz this morning. stay with us. make. but i know i've got this. and when it comes to controlling his type 2 diabetes, my dad's got this, too. with the right choices, you have it in you to control your a1c and once-weekly trulicity may help. most people taking trulicity reached an a1c under 7%. and it starts lowering blood sugar from the first dose, by helping your body release the insulin it's already making. trulicity is for type 2 diabetes. it isn't for people with type 1 diabetes. it's not approved for use in children. don't take trulicity if you're allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck, severe stomach pain, changes in vision, or diabetic retinopathy. serious side effects may include pancreatitis. taking trulicity with sulfonylurea or insulin
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conventional starvation diets don't address insulin resistance. that's why they don't work. now there's golo. golo helps with insulin resistance, getting rid of sugar cravings, helps control stress, and emotional eating, and losing weight. go to and see how golo can change your life. that's maria: welcome back. the nfl's new covid-19 warning, teams will now face consequences if unvaccinated players cause covid outbreaks. commissioner roger goodell sent out a memo to teams warning outbreaks could lead to automatic forfeits or financial penalties if games have to be moved or canceled. players are encouraged to get the shot but not required. jonathan, your reaction with nfl training camps right around the corner right now jonathan: this
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is classic hypocrisy, it's nonsensical and it's differential treatment. we heard the nfl say earlier they weren't going to mandate vaccinations. these restrictive measures inherently sort of mandate those vaccination requirements. right. you're treating certain players differently. by the way, it's nonsensical because you're only penalizing the team that's unvaccinated and sick with the outbreak, you're not penalizing the team that's vaccinated and has the outbreak. differential treatment, wrong for a number of reasons. it's a travesty, maria. maria: it's really not right. by the way, when are we going to start talking about the people who were vaccinated and then got covid. at this moment i know a number of people who have been vaccinated and now have covid. i'm not poo-pooing the vaccine. i've gotten the vaccine. my family has gotten the vacation seen. let's be honest. there are many situations where
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the vaccine was given and they still got covid. i don't know what the answer is here. james, let me ask you about this. eric clap ton has a stand on vaccines, the rock legend said he will not play in any venue that requires concert growers to be fully vaccinated, citing it as a discriminated audience. james, your take. james: i like it. you normally think of his great contributions to music being laila or that underrated duet with tina turner but this is another great contribution, allowing people to come out and enjoy life again. i think the hysteria really has to end. as you said, you can get covid even after a vaccine but generally a more mild case. what we're seeing you now, i know there's a lot of panic about the delta variant but fortunately the hospitalizations, the deaths are low. the emergency is over. the vulnerable population has largely been vaccinated and everyone who wants one has for
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some time been able to get a vaccine. so people should take their vaccine but i think it's good to -- for eric clapton to say let's also allow people to make choices and live their lives. maria: exactly. quick break and then getting infrastructure passed, will it pass? the new letter from top ceos urging washington to get moving on this spending. we will get into it. then, it's electric, mercedes-benz ready to spend big to go fully gasless. we'll check it out when we come back. stay with us. ♪ as i observe investors balance risk and reward, i see one element securing portfolios, time after time. gold. your strategic advantage.
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maria: welcome back. good friday morning, everybody. thanks so much for joining us, i'm maria bartiromo. is friday, july 23rd. take a look at markets this half hour where we are expecting a rally at the start of trading this morning, futures indicating
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the dow industrials up 153 points right now, the s&p 500 up 17 and the nasdaq higher by 52. all three major indices finished higher yesterday, firmer tone as markets are on track to close out the week higher, boosted by strong earnings and certainly strong guidance. showing that the delta variant has not affected the economic recovery. dow industrials up 25, the nasdaq up 52 and s&p 500 higher by 8 and three quarters yesterday on wall street. earnings continue to flow. you see kimberly clark missing expectations right now on the bottom of your screen. european markets are higher this morning, we had some pretty good purchasing manager's index in europe and that set a positive tone. ft 100 up 55, cac up 63, and the dax index higher by 145. in asia overnight, more of a mixed story. japan is closed for a holiday. back in the u.s., uber is expanding its reach into the u.s. domestic shipping sector many cheryl casone with those details right now. cheryl: that is right, maria.
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uber freight, the ride share company's trucking division is buying technology focused trans place for 2.25 billion as uber looks to bulk up delivery operations beyond the core ride sharing operations. earlier the company announced uber eats will start delivering grocery in a deal with albertsons. mercedes-benz is making a push to be an all electric car maker by 2030. this move will cost the german automaker 47 billion. they they will build eight battery plants. with the move will come a t cut in jobs. electric cars require less parts to build. well, the tokyo olympics are underway right now but as the long you awaited event is beginning, covid cases among athletes rising. there's over 100 cases linked to
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the games now. the opening ceremonies will go back, as we're seeing it's been scaled back. there are no spectators allowed as cases across japan are on the rise. but again also in olympicvilleage. warner brothers is going to produce 10 or more movies exclusively for its streaming service hbo max, that will start next year. any of those films expected to be oscar contenders will go to theaters in limited runs in select locations. they are currently releasing movies on hbo max and theaters at the same time. they they will end that in 2022. those are your headlines from here. back to you. maria: thank you so much, cheryl. some of america's top ceos are calling for passage of the bipartisan infrastructure package, build together, a group focused on fixing national infrastructure working with businesses to foster bipartisan support for the bill.
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joining me is build together co-chairman and former dow chemical chairman and ceo, andrew lizarus joining us from australia. andrew, it is great to see you. thanks very much for being with us today. tell us about build together and why this is so important to come together to pass this infrastructure package. >> thank you, maria. nice to be with you as well. i would say to you when president biden was elected, not long after dennis neil, the former chairman of u.s. corrugated who i knew very well for many years called me and said you worked for two presidents, president obama, president trump, surely you can help pull a bipartisan group of ceos together, significant companies in different sectors across the economy, not to replace the work at bit or any of the other groups, but really to focus in in on how to get an infrastructure bill across the line for the first time in
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decades and really this group of ceos worked really diligently under the radar for six months. we talked to both sides of the aisle. we focused on the senate. we focused on where the key votes would come from, finding those ten republican senators, finding the democrat senators that shouldn't oppose the bill and really this build together concept and scoping the bill for the right size such that it wasn't punitive to business was our goal and frankly i've been very surprised at how much listening we got. the white house listened. the senators listened. both sides of the aisle listened and we've come out now with this very public statement saying let's get this over the line. look, let's not go to the next bill. let's not worry about what might happen in reconciliation. let's get this one over the line. america needs modern infrastructure. maria: yeah. yeah, and i think there's real agreement on both sides of the aisle that we need to see
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infrastructure updated in this country, for sure. but what about politicians tying it to that reconciliation package? look, andrew, you've run major businesses, global businesses. you've run a balance sheet. you understand debt and the impact of debt. another three and-a-half trillion dollars, taking debt to 28, $29 trillion in the united states. what kind of an impact? at some point, doesn't that actually come back to roost? >> of course. and you know, look, mitch mcconnell is staying very quiet and letting the senators go and vote on this one but obviously also opposed reconciliation later. this is, maria, the term policy not politics needs to enter our vernacular. i know that's been hard in a divided country with a divided executive branch in congress for so long. we also have gotten used to it. trying to find a way to get the
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right policy in this framework across the line in a bipartisan way and of course when this other notion comes, the one you've just raised, massive spending, massive debt, raising taxes, then let's go work on that and figure out that that shouldn't happen and some other thing should happen. but let's t get this one over the line. it will send such a strong signal to business and, frankly, to society, better roads, better rails, bridges, let's get some broadband fixing, let's get to plain infrastructure. this is pro-renewable standards, pro-clean energy and it's not punitive to business, that's why business should stand up and support this package. maria: yeah. yeah, and make it the priority that it should be. an you drew, i'm happy to see you and your colleagues taking a stand here. i want to get your take on china, andrew, given your long history and experience in global business. we've got the state department official, wendy sherman,
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traveling to china next week. this is going to be the first face-to-face meeting of senior officials in more than three months, andrew, and you know that the chinese officials schooled our officials in alaska three months ago. tell me your thoughts on attacking what has been really a bad actor on the global stage, whether it be, you know, dumping cheap products on the world stage which is something you obviously saw when you were running global corporation or the theft of intellectual property, the bullying of its neighbors, china, the coverup we're seeing on covid-19. what kind of approach needs to be done to take on china's bad behavior, in your view? >> your question hits the one major threat to a global economic recovery that's out there, which is we have tailwinds, let's call it the post pandemic world even with
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the delta variant, the u.s. economy, the chinese economy, asian economies are all coming back. it's not roaring back but it's all coming back and people are feeling very good, except for this risk. and this particular risk, the saber rattling that's occurred on both sides is actually a doubling down of something that's been developing for a couple of decades. china's now gotten to a point where it has its own technology, where it has claim to many of the modern things that it needed before from america and in fact, this special trade advisory that was put on, china advisory by the administration for xinjiang is an indicator that actually, frankly, we ought to start watching what goes on inside of china in terms of standards. so i actually have never seen it as bad as this, maria. i've been going to china since the '70s, i guess i'm aging myself here. as ceo, i went over the last 15 or 20 years i was around as ceo, i did see a lot and we always
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found a way to bridge the divide. i'm really concerned now that we may not find our way, that we are actually create aing two circles -- creating two circles of global business, one very centered on the united states and one very centered on china an countries are going to have to choose their supply chains. i am pro on-shoring supply chains and minimizing risks such as semiconductors and other critical things like critical minerals, batteries, you name it. the united states needs to get self sufficient s shent in many of these -- sufficient in many of these critical industries because we can't count on the china supply chain. i think you can have transactional relationships based on need but you better have diversification as part of the risk mitigation strategies. maria: yeah. it's an important point to make in the face of really this uncertainty around this growing power. andrew, it's good to see you. please come back soon. thanks very much for joining me
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this morning. it's evening for you in australia. thank you, an you drew. coming up, employing our heroes, i'll speak with a navy seal who is putting veterans to work in his new bottle opener company. don't miss it. you're watching "mornings with maria" live on fox business. ♪ i'm so glad you're ok, sgt. houston. this is sam with usaa. do you see the tow truck? yes, thank you, that was fast. sgt. houston never expected this to happen. or that her grandpa's dog tags would be left behind.
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maria: welcome back. helping our heroes, bottle opener company bottle breacher focuses on hiring veterans and investing in those who served our country. y lie crane is the -- eli crane is the ceo, a former navy seal and arizona congressional candidate. he joins us right now. thank you very much for being here. let's talk about veterans and what you've been seeing in terms of your push to bring more opportunities. >> yeah, thanks for having me, maria. it's great to be with you. when we got out of the military as we were starting up this
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company, we definitely wanted to find a way to give back to the veteran community. couple of the ways we were able to do that is by hiring veterans and also supporting veteran nonprofits with our products and donations and by helping them raise awareness. there's a lot of vets coming back from multiple wars the u.s. have fought. there's a lot of issues they that the veteran community deals with and we're just glad to be able to find service in a new way. maria: yeah, and we're so happy to have you on. i want to thank you so much, eli, for your great service to this great country. talk a bit about the skillsets of veterans, when they come home. what can companies expect? i mean, obviously there's an incredible amount of discipline, teamwork. tell us, eli, what you're seeing when you hire a veteran. there are many in corporate america who are trying to do the same because of that skillset. >> yeah, absolutely. one of the great things about
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working with veterans and even hiring veterans, even though they might not have the skillset that you're looking for right off the bat, because they they might have been doing a job overseas that doesn't really correlate. some of the things that they bring to the table are attention to detail, being able to think outside the box, being able to do more with less and they're very disciplined. they're able to execute a mission and i can't -- i can't overestimate how important it is to be able to do more with less. there's so many ceos and managers out there that are looking for that self-starters, who are able to do more with less and veterans are great at doing that. maria: i love it. james freeman, jump in. james: oh, thanks. eli, thanks for your service and hope once we're back in the studio maybe you could share a lot of chris kyle stories. but i wanted to ask you, a lot of fun gear on your website. i noticed one t-shirt that says
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dads against boyfriends which sounds very interesting. is that another community organization you would like the to support? [laughter] >> yeah, it happens to be my daughter's favorite t-shirt. i like to wear it around the house and, you know, show it to her all the time. we like to have fun with this business and, you know, we like to make stuff in the usa, just give people cool gifts that they can give because guys can be hard to buy for. maria: i love that. eli, you're also running for congress in arizona. tell me about your platform. >> yes, ma'am. well, like many of the people that watch your he show, maria, i know that i'm one of them, i'm frustrated. i'm tired of seeing the same individuals go to washington, d.c., sell us out, sell us down the river at every turn and i just believe from the bottom of my heart, you know, as a former navy seal that if we don't get some fighters on capitol hill
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soon, this country that we know and love is done and gone. and i won't sit by. i want to make sure that my kids and generations to come grow up with the same freedom and prosperity that we grew up with and if any of the people watching this feel the same way, they they can come support us and take a look at what we're all about at maria: all right, eli, we'll be watching. i'm all in on that, that's for sure, freedom and liberty in america. thank you so much. we'll be watching. coming up, the voice returns. whitney houston's new vegas show with a virtual twist. it's making a buzz this morning. stay with us. ♪ i get so emotional, baby. ♪ every time i think of you. ♪ i get so emotional, baby. ♪ ain't it shocking what love can do.
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jillian: welcome back. the return of the music legend. a hologram of whitney houston will headline a concert in las vegas, the show titled an evening with whitney will debut october 2, '06, backup singers and
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maria:. good friday morning, everybody. thanks so much for joining us, i'm maria bartiromo, and it is friday, july 23rd. your top stories right now, 8 a.m. on the button on the east coast. agents in arizona apprehending a group of nearly 200 people there as texas begins making arrests for those trespassing.
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markets this morning are higher, we're expecting the week to end with gains after a big move this morning. dow industrials up 168 points, the s&p 500 up 20, and the nasdaq higher by 54. the major averages going for a four-day winning streak after edging higher again yesterday. when all was said and done and markets were higher, 25 up on the dow,52 higher on the nasdaq. european markets in the green this morning, the purchasing managers index in europe which were better than expected setting a firm tone. the cac climbed up 70 and the dax higher by 151. in asia overnight, more of a mixed story. japan is closed for to a holiday, the hang seng index in hong kong down 1.5%. "mornings with maria" is live right now. now some of the top stories we are watching this morning. gunshots ringing out in washington, d.c. yesterday near a row of popular restaurants. two two people were shot. video showed diners frantically
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taking cover, crouching down in booths after hearing the shots outside. police releasing this video showing the suspects driving off in a black sedan. police are still looking for them. they are on the run. the chinese communist party, meanwhile, looking into asking tutoring companies on the school curriculum to go nonprofit. rules currently being re-examined would not allow these companies to raise capital or go public. it also gives extra scrutiny to online-based platforms, just another way the ccp is looking to take control away from companies. intel warning the global chip shortage could stretch spiel 2023. the ceo saying it could take one or two years for the industry to get back to a reasonable supply and demanding balance. the shortage has stalled auto production, caused supply chain issues for a number of industries as well. intel shares are down 2.33%. a promising shows the
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two-dose vaccine from pfizer is 88% effective against the delta varian a i can't. there is only a 30.7 efficacy rate for those with only one shot. this as the white house says 40% of new cases are coming from florida, texas and missouri. florida reportedly accounting for one in five infections. don't forget the open boards of texas are also bringing -- borders of texas are bringing covid to that state and the country. markets are higher this morning. take a look now to a four-day winning streak following that sharp selloff on monday. dow industrials up 187 right now. the s&p is up 20 and the nasdaq higher by 50 points. joining the conversation all morning long this morning, jonathan madison and james freeman. great to see you guys, thank you so much for being here. jonathan, let's talk inflation for a moment. ing the biden administration is talking about this being temporary, but we're hearing our guests see and talk about how
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companies have been getting creative. if they're not raising prices, they're making the packaging smaller so that you're getting less for more. your thoughts on the economic policy as well as the foreign policy out of this administration having an impact on the midterm elections, impliations from your standpoint. >> -- implications. >> yeah. i think it's crippling small business altogether, and i think the inflation policy speaks for itself. from a foreign perspective and a nationwide perspective. and for, you know, all the criticism the trump administration took for his policies, i think it shows volumes what the biden administration's policies are doing and effect on the economy. we're not even talking about the effects on small business and the rise in taxes and capital gains taxes, all kinds of things going on right now. but it's really, it's really bad. it's going to get worse before it gets better, maria.
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maria: all right. we're looking at a market that is trading up nonetheless with interest rates at rock bottom levels. joining me right now is mark mobius, mobius capital. mark, it's great to have you. thanks very much for being with us this morning. what are your thoughts on inflation and is whether or not it is temporary? i know you're investing around the theme and trying to buy companies that are actually looking at having pricing power. your thoughts. is it temporary? >> well, the reality is that we've seen money supply go up by something like 30% in the. so there's no question that prices are going to be going up. and there's so much money flowing around the world. that's the reason why you see the market so buoyant. and, of course, in the tech sector most importantly the shortage of semiconductors is having a very big impact, an upward trend in prices and all kinds of things that use these semiconductors. for example, automobiles have a
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big, big stake in semiconductors, and more and more automobiles are being used in semiconductor areas. so i think you can see a tremendous change in the whole environment. i think we're going to continue to see a -- market simply because of the flow of money that's coming into the markets globally. maria: yeah. there's an enormous amount of money coming in. you mentioned this chip shortage. what is your reaction to what we heard from the ceo of intel? he says that the ongoing chip shortage will stretch into 2023, mark. this has got to be impacting a number of your investments, and it certainly is impacting the global economy. >> i think he's right. no question that this chip shortage is going to continue. don't forget they're upping the game in terms of increasing the technology in. chips. but you must remember, this chip shortage is caused not only by the demand from automobiles and smartphones, all the rest of it,
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but also by the fact that if you look at the cryptocurrency and the production of these cryptocurrencies, it requires an incredible amount of service. and, of course, that means more -- [inaudible] so we're in a situation where we're -- in a very difficult situation when you look at the crypto situation and the semiconductors. maria: yeah. look, intel shares are down 2.5%, mark. i want to get your take on technology. we're going to be talking with dan niles coming up in the program, and he's, of course, focused on tech. but your thoughts from what you're seeing in this space where you're seeing outsized gains. twitter share ises, for example, better than expected earnings. in fact, the ceo and founder, jack dorsey, said that bitcoin is going to be part of twitter's future. i know you have thoughts on bitcoin. your thoughts on tech, do you
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own any of these names and the fact that dorsey said bitcoin is a big part of twitter's future. >> well, i'm very bullish on tech. and as you know if you look at our portfolios, you see we have a lot of the fabulous companies in taiwan and all kinds of other places, particularly in korea and also in china. so we're very bullish on tech generally. not only the hardware and semiconductors, but also the software. so all of these internet companies need far more software, and that's where you're going to see incredible growth. and it's just ongoing. a very, very exciting area. maria: yeah. let me turn to central banks. the european central bank this week had a meeting keeping rates at record lows for a longer period to boost the economic story and inflation, by the way. the central bank also warned that the delta variant is pose ago risk to the -- posing a risk to the recovery as the fomc here
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in the u.s. is set to hold its july meeting next week. your take on what we're going to hear. will the tapering conversation get louder next week, and what about the ecb decision in terms of holding rates and continuing that bond-buying program? >> well, it's really interesting, you see the e. >> cb, the debate in europe on this, but they're still looking at negative rates, and it seems they're going to continue to feed the market and continue to buy bonds. and, of course, the fed also has been very, very cautious. so i think the situation will continue not only because of the central banks, but don't forget that the money printing is continuing in the in a big way. as you know, everybody in america's getting checks in their bank accounts. if you look at the situation in america, if you go to disneyland or any place where there's relatively free movement of people, they're packed. people are in line waiting to
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get into restaurants and so forth and so on. so i think the situation will continue for quite a while now, at least until the end of the year. maria: yeah. mark, real quick before you go, i know you are a global investor and have many investments throughout asia. for those people worried about china's bad behavior and unwilling to invest in chinese companies right now, what would be an alternative from your standpoint that could offer that kind of growth? >> well, taiwan, first of all. by the way, the idea of china taking over taiwan anytime soon, i think, is out of the question. i don't think that'll happen. so taiwan is one area. korea's the other area. so these smaller asian countries are doing can very well. and, of course, as you know, taiwan is really the center of the semiconductor development in terms of semiconductor
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development. so i think many, many opportunities outside of china. if. maria: all right. mark, real quick, you just said it's out of the question. why are you so sure? you don't think china makes a run for taiwan anytime soon? >> >> is simply because i don't think china would like to have a militarying confrontation, and that's what it will mean. not only because the u.s. will be in, but taiwan itself. maria: okay. yeah, all right. great point. mark, it's good to see you this morning. thanks very much. >> thank you. maria: mark mobius joining us this morning. much more ahead. coming up, the white house responding to china as the country continues to stonewall the covid-19 investigation. new york congressman john katko is here to weigh in. and then we're looking ahead at earnings next week, dan niles explains what to expect and how to trade it. you're watching "mornings with maria" live on fox business. ♪ ♪ re
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maria: welcome back. the world health organization proposing a second phase in its investigation into the if origins of covid-19, but china says, no. the country is rejecting the plan. and the white house is saying it's disappointed by that. watch this. >> we're deeply disappointed. their position is irresponsible and, frankly, dangerous. alongside other member states around the world, we continue to call for china to provide the needed access to data and samples. and this is critical so we can understand to prevent the next pandemic. maria: new york congressman john katko is with me now, he is the ranking member of the house homeland security committee. congressman, great to see you. thanks for being here. will we ever get china to participate in a investigation into the origins? what are they hiding? >> well, that's obvious that they don't want us to investigate things, and it's obvious that they're acting with impunity here, but it's nothing
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new. this is what they've been doing with respect to cyber attacks. they're committing genocide in their own country, and all this administration says to semithis, oh, well, listen, we're disappointed. think about it. right now the olympics are starting, the opening ceremonies in japan. what if japan was engaged in the same kind of conduct? would we feel comfortable going to those olympics? in seven months, we're going to be going to china if with we don't pull the plug, and is they're committing all these acts, and people are turning a blind eye. i don't understand why we're not getting tough with china. bad people only understand strength. they're bad, we need to project strength. maria: why isn't this administration projecting strength then, congressman? i mean, all of this talk about doing business in hong kong and genocide in china, and yet the policy is not tough at all. it has no teeth. >> and it has no teeth, and china realizes that, and i can tell you bad guys know weakness.
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and they will exploit it. if we were coming after them hard, they would know that. china is an actor, and they're acting with impunity because they know with this administration there's no consequences. maria: all right. real quick, want to get your take on the spending negotiations going on right now. will infrastructure be tied to a broader spending package, the $3.5 trillion that joe biden wants to get through reconciliation, and are you pushing for the s.a.l.t. deduction to get back in there? give us a sense of whether or not the democrats have unity in getting that tax and spend plan through, and will it include a s.a.l.t. deduction? >> well, i'm not sure if it's going to include a s.a.l.t. deduction. many people are asking for that. but the broader thing is you've got a bipartisan infrastructure deal of about $900 billion that's paid for that's been worked on by myself and others in the house and adopted by the
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senate, and they're definitely trying to tie that bipartisan package to their bloated, ridiculous spending package. there's an awful lot of moderate democrats who are not happy about raising taxeses, so is i think you're going to have tough sledding, and it's going to be very interesting over the next two couple weeks, for sure. maria: so we will know if he's got the support in the democrat party, and if he doesn't -- nancy pelosi says we're not signing any infrastructure bill unless the $3.5 trillion is also side by side. >> well, she can have them side by side, but we can actually voter for an infrastructure package which america desperately needs, and it's a common sense piece of legislation that's long overdue. we can reject the bloated spending package. look, inflation's already starting to tick up significantly. you're talking about pumping trillions of more dollars into the economy. that's insane. maria: unbelievable. all right. let me turn to the border crisis. you've been to the board,
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obviously. border -- to the border, obviously. more than half of immigrants in arizona were children, congressman. and in texas governor greg abbott is doing what he threatened, he's taking new action to try to curb the flow of migrants, arresting illegal migrants at the border for trespassing. you've got i.c.e. reporting one-third of the migrants detained and in custody are refusing corona vaccine. coronavirus is up 900% year-over-year in june. where is the outraging in this administration, and where is the rule of law. >> well, on january 20th there was a series of executive decisions on the borderer that we're going to basically have an open border, and anything to the contrary is just not true. what the cartels are doing is they're exploiting it. they sent 200 people in one area with a bunch of kids, and all the border patrol agents are going to have to deal with them. what does that mean?
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the back door's open to bring drugs into this country. especially fentanyl is flowing into this country at unprecedented levels. we've already had seizures of enough fentanyl at the border this year the kill every man, woman and child in the united states five times over. think about that. and the cartels know this. they're exploiting the loopholes. the borders are wide open, and i don't know what it's going to take for this administration to wake up. you're right, the vaccinations that they're refusing, the infection rates that are skyrocketing at the border, especially the rio grande valley in texas, i applaud governor abbott for what he's doing because he's trying to do something because right now the federal government is doing nothing, and it's going to have negative long-term consequences for this country. maria: and why would it ever stop when there are no consequences? what you just said is so stunning, that it's the criminal cartels winning. it's amazing to me9 that it's the criminal car the tells who
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are -- cartels who are deciding who comes in and who doesn't come into america. when i went to the border a couple of months ago, it was worse than i had ever seen it. most recently we went the mcallen, and right in front of us migrants are walking in. it's becoming a familiar sight. groups of 5, 10, 15, 20. i spoke with a rancher who was upset because he's constantly seeing strangers on his property. >> yeah, you're exactly right. listen, the dynamic is dramatically different than when i was going after cartels in el paso 20 years ago as a prosecutor. they ran from us. they tried not to get caught. now they just come across the border and walk right into our arms because they know they've got it made n. may alone there was 1 is 80,000 people -- 180,000 people came across the border, on average the cartel charges $4,000. they made $700 million in trafficking alone in one month. that's not including the drugs
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coming over the border. that means that fentanyl came across the border most likely, and this administration should be responsible for that. maria: well, that alone is absolutely stunning, 90,000 overdoses in america in the last 12 months, largely due the fentanyl. and this fentanyl is coming through the border from mexico, and the underlying chemicals are being made in china. so you've got the chinese criminal cartels and the mexican criminal cartels working together to get these illicit narcotics into our country, and it is killing our people. you are absolutely right. congressman, we're going to keep a spotlight on this because so far joe biden refuses to call it a crisis. kamala harris says it's a challenge. congressman, we'll keep watching. thank you, sir. congressman john katko there. coming up, boycotting ben and jerry's? some statements considering a ban on the popular ice cream
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maria: welcome back. ben and is jerry's facing backlash. two states pushing back after the company said it's to longer selling ice cream in what it calls occupied palestinian territory. florida above ron desantis asking the state board administration to place ben and jerry's and unilever on its scrutinize companies that boycott israel list. meanwhile, in texas the state's comptroller is considering a ban on ben and jerry's altogether
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after the comments. james freeman, your reaction. if. >> well, shame on unilever for this nonvirtuous signal to try and please the left. this is a company that's happy to do business in many communist dictatorships around the world, and here they are targeting a friend and a democracy in the middle east. i think it's well within the rights of states to say if the company is going to behave this way, we're not going to invest in their company through our pension funds, the state is not going to contract for unilever products, so i think that's a welcome reaction. and maybe it's a way to discipline woke corporations that pull these kind of stunts. and, by the way, as you point out, this is one of those companies that score ises well on esg. they're supposed to be so socially responsible, but what about china? what about doing business with russia, venezuela, etc.
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maria: yeah, it's a great point. jonathan, ben and jer isly's has been -- ben and jerry's has been very political in the past, so it's not going to change now, but unilever is the parent company. you would think unilever would say or do something about this. your thoughts. >> absolutely. i think it's incumbent upon them to do something. and it's clearly a violation of texas' state law, that's chapter 808 from a legal standpoint. i think it's just utterly clear that it's a violation. so is, you know, i think that's why you're seeing all this movement and traction building up from states. it's really gaping momentum. so, you know -- gaining momentum. i'd say it's going to be a rocky road, so to speak, for ben and jerry's. [laughter] maria: yep, i gotcha. that's funny. quick break and then the market's wild ride. dan niles is here, he's got to explain why he's concerned about a 10-20% selloff in stocks. and then an unprecedented buying
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in one coastal -- spree in one coastal town where more than two dozen homes have sold to for more than $40 million since the pandemic began. we'll take you there. this isn't just freight. these aren't just shipments. they're promises.
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promises of all shapes and sizes. each with a time and a place they've been promised to be. a promise is everything to old dominion, because it means everything to you.
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maria: welcome back. good friday morning, everybody. thank you so much is for joining us, i'm maria bartiromo. taking a look at markets, we've got a rally are underway. dow industrials up almost 200 points. that's about two-thirds of 1 %. the s&p 500's up 21 and the nasdaq higher by 55. european markets also stronger today, a firmer tone after better than expected economic data. the purchasing managers indexes, the cac climbed up 70 and the dax higher by 159. in asia overnight, more of a mixed story. japan is closed for a holiday. the tokyo olympics have begun. the nikkei average, obviously, closed.
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president biden authorizing sanctions against a cuban official and a cuban government agency amid the cracktown on anti-government protests. cheryl casone with the latest out of cuba. cheryl: oh, maria, the sanction ises are targeting the cuban defense minister along with the country's feared special forces brigade known as the black berets. the unit has been rounding up protesters and journalists during demonstrations. president biden warning cuba's government saying the sanction ises are, quote, just the beginning. well, white house press secretary jen psaki questioned by reporters on the sale of hunter biden's artwork yesterday. this after the gallery said that hunter would be meeting in person with potential buyers. >> he's not going to have any conversations related to the selling of art. we believe this is a reasonable system that has been established that how ares for hunter biden to work in his profession within appropriate safeguards. cheryl: hunter biden is reportedly expected to attend two private events where he will
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mingle with prospective buyers, contradicting the white house's claim the sales would be anonymous. it could open the door to the possibility of people purchasing the art to gain influence with the president. and finally this, maria. strong demand for homes made for record prices in june. the median existing home price rose to more than $363,000 with sale ises jump ising 1.4%. -- jumping 1.4 %. since march 2020, there's been at least 2 sales north of -- 22 sale ises north of 40 million in palm beach county. it is hopping, maria. maria: it sure is. cheryl, or thank you so much. markets are also hopping this morning. we've got a rally underway. dow industrials up 190, we remain near all-time highs.
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now markets are looking to extend a three-day winning streak after a rough beginning of the week on monday's selloff. joining me right now is portfolio manager dan niles. dan, it is always a pleasure to see you. thanks very much for being here. we have a lot the talk about about what's brewing under this record high story because i know there's been massive volatility, and there are some real rotations going on right now. but i want to start with your preponderatation. you say you believe -- your expectation. you believe we will see a 10-20% correction in the s&p 500 before the end of the year. tell us why. >> well, i think it's pretty simple. the market up until now has really been driven by stimulus. if you look at the federal reserve, they expanded their balance sheet9 by 77% last year. it's up another 18% year-over-year right now. if you look at money supply which takes into account what the fed is doing as well as all the stimulus we got under president trump and now
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president biden, money supplies' up 14% year-over-year. by the way, that's down from 27%, and that's the highest it's been since 1970, since we had inflation. and that's a really the key here, is i think that money supply -- we've already seen inflation, headline, core be up around 5% which are some of the highest levels since before the global financial rye sis -- crisis, and i think the fed will be forced the taper before the end of the year and start raising rates next year, and i think that's going to trigger the correction toward the end of this year. but for now everything looks great because you have a lot of stimulus. maria: yeah. dan, that federal reserve meeting for the month of july is happening next week. we spoke the last time you said maybe this tapering conversation gets louder during jackson hole. does this conversation take flight in this upcoming week next week? we're also watching a number of technology companies reporting earnings next week. >> yeah, i don't think it's
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going to happen next week. the fed, i think, wants to keep its foot on the gas as long as possible. i honestly think it's towards jackson hole symposium which is towards the end of august. of we have a lot of central bankers around the world gather, and i think that's when you've had in the past a lot of changes to fed policy. and that'll give you a few more months of inflation running pretty hot. and at a certain point, the fed's going to have to acknowledge that, you know, things are going to to be9 hotter for longer, and you're hearing that from a lot of company managements that have reported the quarter already. and the main thing here is people talk about the crisis coming down, it, but the biggest components of inflation are wages, and those are up 3.6% year-over-year, average hourly earning, and then the second piece that cheryl talked about in your earlier segment is housing. and home prices are up 15% year-over-year. that's the fastest increase since 2005, and that affects
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rent. so those two things are permanent, they're sticky, they're big portions of inflation. maria: so is there a way to invest into this inflation? you talk about all of this money being thrown at this economy, money supply up 14 is % year-over-year -- 14% year-over-year, you talked about the rock bottom rates and the conversation on inflation will certainly happen next week at the fed meeting. now we understand companies are being forced to decide whether inflation is here to stay or whether or not it's temporary as they debate raising prices more. dan, how do you trade around this or perhaps invest in those companies with pricing power? >> so we put out an article today under dan, and we tweeted about it where if you look at the market right now, what's happened over the last several is months is a lot of the sectors related to inflation, related to reopening have come down quite a bit. so if you look at energy,
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financials, materials, those sectors are down 9% from their all-time record highs. they're still up 21% year-over-year, but what's happened is as people have gotten more concerned about the delta variant, the economy slowing down again, etc., you know, tech over the last couple of months up until may 12th the s&p technology sector was up only a percent. since then it's up about 17% in just a little over two months. and so i think the way to play this inflation as you rotate back into things like energy, financials, materials, and in tech you stay with sort of the reopening plays. i mean, we bought some google back this week after we trimmed some last week based on what we saw in the advertising market between omnicom, publicist coming out putting up huge numbers earlier this week. and so the reopening play makes a lot of sense. and some tech names, oracle, we continue to like it. it's already are up 40% this
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year, and is we added some cisco that as well. enterprise names in teching, so i think it's going to continue. ing. maria: yeah. you wrote about this violent rotation underneath the seemingly linear move higher in the s&p 500. your words. i want to to get your take on this rotation and also how important do you see this global chip shortage. the ceo of intel is warning that the global chip shortage will last until 2023, dan. >> yeah, and i think, you know, it's another example of shortages across the board. and what really drove that was if you look at the recovery from the global financial crisis, it was the weakest recovery on record that we've ever seen. and so as a result of that and especially with covid last year, a lot of companies just cut back on cap-ex. so whether it's chips or for oil and gas or for minerals, lumber,
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etc., a lot of capacity was cut back, and that's been going on, arguably, for about a decade. and so now with demanding having really picked up, i think you're going to see inflation be a lot more persistent in the past whether it's chips or, you know, people going back to work, a form of supply. all of those things, i think, are somewhat restricted, and that's just going to make inflation longer lasting. remember, the fed back in 2014 -- sorry, 2004 said that inflation was transitory then as well. they had 17 rate hikes over two years that ultimately resulted in the global financial crisis. the last time they said this was transitory. so i don't think it's going to be transitory this time either. maria: wow. dan, let me ask you about your picks. you brought us your top picks in january of this year. you've made a lot of money on these names. you've been right. but recently we've had some volatility there. are you still sticking with names like jpmorgan, cisco and
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the others, the xle on energy? tell me about your specific picks, oracle also on that list. >> yeah. as i said earlier, i like reopening plays, plays for inflation. i think we're going to get to herd immunity, either people are going to get vaccinated, i think there's about 3.6 billion people on the planet who have already had a dose, or people are going to get covid and get the antibodies. either way, we're going to get there. and i think in that scenario people want to get together, we want to see each other in person, go on vacations. in that scenario, you've got to like the banks which will benefit from higher interest rates, the energy sector as we get on airplanes, start driving. and also you have to like enterprise plays, so names like oracle. we recently, you know, added cisco to -- that's our biggest play right now probably in tech. we like google where they get advertising from those travel sectors, leisure sectors.
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so those are some of the names we look at between now and year end that we feel the most strongly about. and i think you want to be careful with a lot more of the consumer-related names. you know, obviously you saw netflix's results. you know, those are slowing down. but i think you're going to see that in other names that benefited from the pandemic last year as things get better this year. maria: all right. we will leave it there. dan, always a great conversation with you. we so appreciate your time this morningment thank you. >> thank you, maria. maria: dan niles joining us there. coming up, a bitcoin about-face. jpmorgan now offering crypto funds to clients. we'll tell you about the company's wealth management business. then a day at the park gone wrong for one teenager. a seagull slams into her face. this video you have to see to believe, makes the buzz this morning. you're watching "mornings with maria" live on fox business. ♪
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maria: welcome back. from cash to crypto, jpmorgan is now the first bank allowing its advisers to offer cryptocurrencies to wealth management clients. elon musk saying earlier this week tesla will most likely start accepting bitcoin as payment again as well. joining me right now is the chamber of digital commerce founder and president terry ann boring. good to see you this morning, thanks very much for being here. when you hear these two thing, whether it's tesla or jpm, does
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this give you more confidence in terms of where things are going, the institutionalizing of crypto? is that happening now? >> well, i've always had all the confidence in the world that digital assets and bitcoin specifically will emerge as its own asset class. but not without controversy. and we've absolutely seen that in the markets with elon musk, these about-faces from the banks. it really is an exciting time for the space. but as we're moving towards institutionalization of bitcoin, as we're moving towards mass adoption, these are all part of the stairs that we have to climb. so these two announcements, you know, jpmorgan specifically, what they've done is they've removed a couple of these closed-ended mutual funds from the restricted list.
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so now $630 billion under jpmorgan's wealth management division now can have access the to the securitytizedded bitcoin and -- securitytized and ethereum products. maria: that's wonderful. i'm is glad that jamie dimon's daughter was right, because remember, his daughter was the one who first said, oh, yes, i'm a big believer, and he said is, no, no, no. perianne, how do you believe digital assets will change the economy? where is this going? how do you see this playing out? >> yeah. all assets are not equal. bitcoin represents anywhere between 60-80% of the total market capitalization of all cryptocurrencies in existence. that fluctuates over time. bitcoin has really merged as the leader of -- emerged as the leader of a store of value. and in many ways, it is replacing the role gold has played in diversifying
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portfolios for many years. and in the last segment, we talked a little bit about inflation. corporate, institutional and retail investors are looking to invest in bitcoin as a hedge against inflation especially during uncertain economic times like this. maria: what are the risks? >> the risk. well, i'm -- i think the writing is very clear, clearly written on the wall. bitcoin has been trading for 12 years this year. maria: wow. >> ten out of those years it has been the best performing asset in the marketplace. you know, we have over a decade of data on bitcoin, and it really -- you know, over the past ten years it has averaged 250% return every year.
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there is, i mean, the biggest -- maria: that's incredible. ing. >> -- threat is short-term volatility. maria: yeah. >> it's not unusual for bitcoin's price to fluctuate between 30-50% a month. but on a year to year basis is, you're getting 250% returns, and you have been for the past ten years. short term it makes people uncomfortable, but really you have to look at it from a longer perspective. maria: i'm glad you did that because you gave us context. i didn't realize it was 12 years already. that's incredible. i'm going to bring in james freeman here. go ahead, james. >> thanks. perianne, you're talking about this as an investment and not as a medium of exchange or currency, if you will. have you kind of decided that it's not going to be widely used in terms of purchasing products at a retail store or even i notice when individuals are transacting, at least what i
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observe it's mainly venmo, not bitcoin. >> yeah. i actually believe the irs made that decision for us in 2014 when they declared that digital assets like bitcoin would be taxed as property meaning they're taxed at the transaction level, and they're summited to capital gains -- subjected to capital gains and investment and tax policy very much influences human action and human behavior in the market activity. so it was created to be an electronic payment system. the white paper issued explained it as a peer-to-peer electronic payment system. so that very much was a participant9 of the vision. -- part of the vision. but bitcoin has really merged as a store of value as a medium of exchange. there's thousands of cryptocurrencies in existence if, there's been a lot of talk about stable coins especially in d.c. from a regulatory perspective. those were really created to
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serve that role of payment. so there's different types of rules cryptocurrencies can solve is. again, bitcoin very much has been used as a store of value in the market, and there's other types of cryptocurrency ises that were really designed for may payment. maria: yeah. perianne, great conversation. when you come back, got to get more into regulation is and how the banking industry will change as a result of this growth story. perianne boring, great to see you. we'll be right back. muck i've been taking prevagen on a regular basis for at least eight years. for me, the greatest benefit over the years has been that prevagen seems to help me recall things and also think more clearly. and i enthusiastically recommend prevagen. it has helped me an awful lot. prevagen. healthier brain. better life.
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(announcer) the core is key to losing weight, getting back in shape, and feeling good. introducing the aero trainer, designed to strengthen your core, flatten your stomach, and relieve stress and back pain. it conforms to your body and increases muscle activity. abs, back, obliques, hips, and glutes. get incredible results in just five to ten minutes a day. the aero trainer supports over 500 pounds, and inflates and deflates in seconds. check it out at that's a-e-r-o maria: welcome back. time for the morning buzz. well, here's gull in your eye. 13-year-old kylie hohmann joined her friend georgia reid on the slingshot ride in wildwood, new jersey. as soon as is it launched, a
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seagull slammed kylie right in the face. kylie and georgia joined fox news earlier this morning. >> i didn't know what to do. i didn't want to fall out of the ride, but i didn't want this bird to be pecking at me. >> my eyes were closed the whole time, and when she tried talking to me, i told her -- [laughter] maria: oh, my goodness. can you imagine this, james? your reaction. >> yeah. for whatever reason whenever the jersey shore shows up in the news, it tends not to look for appealing. i'd like to assure your viewers that, in fact, it's lovely, and this is highly unlikely to happen to you if you come visit. maria: oh, my goodness. a sea bull right in her face, -- a seagull right in her face, jonathan. >> maria, this is why i say off amusement park rides. too high for me, but that's just me. [laughter] maria: i agree with you. no ride for me either.
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maria: welcome back, your morning mover is snap, the parent company of snapchat, better than 17%, better than expected second quarter earnings seeing current quarter revenue wise as much as 60%. big thank you to james and jonathan this morning. have a great weekend, everybody. thanks for being here. il see you this weekend, varney & company take it away. stuart: snap. another that i've missed. maria: you missed it. stuart: good morning, maria, what a week, started with a big stock selloff but ending with a recovery and probably any highs, big tech on absolute tear. all of that despite the surging delta variant and millions of people who just don't want to go back to work.


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